What is the concept of prudence? - Practice (English) | ObjectiveMcq

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What is the concept of prudence? - Practice (English) | ObjectiveMcq

PracticeBusiness ManagementAccounting Standards (IFRS, GAAP)What is the concept of prudence?...

Accounting Standards (IFRS, GAAP)Business ManagementEasy

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What is the concept of prudence?

Correct Answer:

(B) Revenues and profits should not be overstated, and expenses and losses should not be understated

Explanation:

Revenues and profits should not be overstated, and expenses and losses should not be understated

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